Demex Daily #65: Celsius Unstakes Ethereum to Aid Creditors in Bankruptcy Case

What’s Interesting Today:

Celsius Network, a bankrupt cryptocurrency lender, plans to unstake its Ethereum holdings to provide liquidity for creditor asset distribution. This significant unstaking event will occur soon, helping to offset costs from the company's restructuring process. Celsius had filed for Chapter 11 bankruptcy in July 2022 amid a crypto market downturn and liquidity crisis, leading to frozen withdrawals. They recently allowed qualified users to withdraw 72.5% of their crypto until Feb. 28. Approximately 58,300 users have $210 million in custody assets. Alex Mashinsky, Celsius' founder and ex-CEO, arrested on fraud charges, awaits his jury trial on Sep. 17.

The Injective Volan Mainnet Upgrade (1.12.0) introduces significant enhancements to the Injective Mainnet, scheduled to halt at block 57076000 and resume with the new version. Key updates include the Real World Asset (RWA) Module for permissioned asset management, IBC Cross-Chain Expansion for sophisticated transactions, reduced on-chain inflation, enhanced scalability with new APIs, Exotic Oracle Feed Design for diverse asset integration, and expanded burn functionality. Additional features include EIP712 V2 integration for Ethereum wallets, post-only mode in the Exchange Module, client order ID tracking, improved safety checks in derivative markets, funding rate calculation fixes, adjustments in fees and deposits, and fixes for outbound IBC transfers. Node operators are required to configure the wasm cache size to 3GB to accommodate these updates.